According RFA, ethanol production scaled back by 2.8%, or 25,000 barrels per day (b/d), to 881,000 b/d—equivalent to 37.00 million gallons daily and the smallest output in fifteen weeks. The four-week average ethanol production rate declined 1.2% to 913,000 b/d, equivalent to an annualized rate of 14.00 billion gallons (bg).
Ethanol stocks dropped by 1.5% to 19.7 million barrels, which was 15.2% below year-ago volumes and the smallest reserves since the end of 2016. Inventories thinned across all regions except the Gulf Coast.
In addition, gasoline demand remains 6.7% lower than a year ago, and refiner/blender net inputs of ethanol at 840,000 b/d, equivalent to 12.88 bg annualized, was 9.0% below the year-earlier level as a result of the continuing effects of the COVID-19 pandemic.